Flood Insurance

Types of Coverage:

MYTH: I receive flood insurance through my homeowner’s insurance.FACT: Homeowner insurance policies do not normally cover flood damage. That is why the federal government backs the NFIP. You can purchase flood insurance through an insurance agent or company.

MYTH: It doesn’t make sense to pay for flood insurance if you are in a low-risk flood zone.FACT: People outside of high-risk flood zones file more than 20 percent of all NFIP claims and receive one-third of federal disaster assistance for flooding. Flooding can occur anywhere. In fact, it is the number one natural disaster in the United States. The NFIP’s Preferred Risk Policy is very affordable. A premium for a primary residence may cost about $467 a year for $200,000 of coverage for a home structure and $80,000 for contents. That is less than $40 a month.MYTH: I don’t need flood insurance if I can get disaster assistance from FEMA.FACT: A flooding incident must be declared a federal disaster by the president before FEMA assistance becomes available. Federal disaster declarations are issued in less than 50 percent of flooding events. If a declaration is made, federal disaster assistance typically is in the form of a low-interest disaster loan, which must be repaid. Any grants that may be provided are not enough to cover all losses. NFIP pays for covered damage whether a federal disaster declaration has been made or not, and may cover more of your losses.

Chapman Insurance Group offers unparalleled FEMA and private flood options for all our clients needs to ensure you receive the best coverage and premium for your flood coverage.